The metaverse relevance, consideration, trust, and impact on purchase intent for beauty industry brands

Abstract

It is known that since 2021, internet searches for the term “metaverse” increased by 7,200 percent (McKinsey, 2022) and in 2022, knowledge of the metaverse has grown, with the percentage of individuals claiming to understand its concept increasing from 34% in 2022 to 43% in 2023 (Deloitte, 2023). This paper delves into the dynamic intersection of the metaverse and the beauty industry, exploring its relevance, consideration, trust implications, and impact on consumer purchase intent. Employing a mixed-methods approach, the research combines qualitative insights derived from in-depth interviews with a quantitative analysis through an online survey developed on Qualtrics. Key findings highlight a substantial lack of knowledge concerning the metaverse, including its applications and characteristics. A universal interest in engaging in metaverse activities is identified across various age demographics. Social Interactions, Virtual Events, and Online Shopping emerge as primary activities of interest for potential consumers within the metaverse. Moreover, the research uncovers diverse perceptions and levels of interest in the metaverse across different industries. Notably, despite the metaverse not yet being widely perceived as a purchase platform, gender does not appear to significantly impact the intent to engage in purchases within this digital realm. These insights contribute significantly to understanding the metaverse's impact on consumer behavior, shedding light on its potential implications for the beauty industry. The dissertation offers a nuanced perspective on the evolving landscape of consumer engagement in the metaverse and provides valuable considerations for beauty industry brands navigating this transformative digital terrain.

Date of Award	2 May 2024
Original language	English
Awarding Institution	Universidade Católica Portuguesa
Supervisor	Pedro Miguel Torres Tavares (Supervisor)